MCX Natural Gas expected to trade in a range between 211.6-226
MCX Nickel likely to move in a range of 909.3-965.3
MCX Aluminium may trade between 145-151.2 levels
MCX Mentha Oil likely to trade in a range of 1647.9-1736.9
Crude Oil market under fresh buying; Support seen at 5179
Technically Silver market is under short covering as market has witnessed drop in open interest by -6.14% to settled at 23644 while prices up 277 rupees.
Now MCX Silver is getting support at 37499 and below same could see a test of 37132 levels and resistance is now likely to be seen at 38109, a move above could see prices testing 38352.
Silver on MCX settled up 0.74% at 37867 as bullion traders took in stride trade war tensions and a widely-anticipated Federal Reserve rate hike. The dollar weakened ahead of a third U.S. rate hike for 2018 expected this week.
December gold had earlier peaked at $1,208.80, its highest level since Sept. 17. A fresh round of U.S. duties on $200 billion of Chinese goods went into effect last week, prompting Beijing to accuse Washington of bullying. China has also cancelled mid-level trade talks with the U.S., as well as a proposed visit by Vice Premier Liu He, scheduled this week.
Related Post
The Eurozone manufacturing purchasing managers index (PMI) dropped to 53.3 in September while services PMI edged higher to 54.7 versus 54.4 last, the latest economic activity survey from IHS Markit research showed. IHS Markit also reported that German manufacturing PMI dropped sharply in September, coming in at 53.7 while services PMI jumped to eight-month highs of 56.5 versus 55 last.
Market participants today should monitor US Federal Housing Finance Agency (FHFA) home prices for July and the Conference Board consumer confidence for September. Hedge funds and money managers trimmed their net short positions in silver futures and options, CFTC said.
Hedge funds and money managers cut their net short position in silver by 1,224 contracts to 45,057 contracts, CFTC data showed. Investors await Federal Reserve meeting, where the U.S. central bank is widely expected to raise benchmark interest rates.
Trading Ideas:
–Silver trading range for the day is 37132-38352.
–Silver gained as bullion traders took in stride trade war tensions and a widely-anticipated Federal Reserve rate hike.
–Beijing is unlikely to resume talks with Washington until after November’s mid-term elections.
–U.S. President Donald Trump hinted the trade war won’t end any time soon, and said that it’s time to “take a stand on China.”
Courtesy: Kedia Commodities
Source: Commodityonline.com
